The opportunity exists for Wholesale Investors to express an interest to acquire shares in Convoy, https://convoy.com , a Seattle based trucking software company co-founded by CEO Dan Lewis and CTO Grant Goodale.
Convoy manages a technology enabled trucking network that offers capacity and on-demand shipment services with instant guaranteed prices, and automated brokering. In addition to connecting independent trucking companies and shippers, Convoy also offers fleet management tools and real-time GPS tracking.
According to Gartner Inc., a digital freight network is an open, fully connected freight marketplace that uses machine learning, automation, and other software services to efficiently connect shippers and carriers. It solves decades-old problems of inefficiency in freight with a new approach, that has technology at its core.
In 2015, Convoy started the world’s first digital freight network, connecting shipments with carriers to move millions of truckloads, leading a transformation of the old ways of moving freight with the most efficient digital freight network in the industry.
Convoy offers an open and fully connected marketplace of shippers and carriers driven via automation and supported by a broad, ever-growing set of shipper and carrier capabilities.
That fully connected marketplace grows through momentum. As more shippers join the network, drivers have better options, fewer empty miles, and fewer wasted hours, allowing them to earn more per day. As more carriers join the network, capacity increases and shippers see lower prices per mile and higher quality. In addition, as the network grows, insights emerge from the data that help shippers and carriers improve their businesses.
Benefits of a Digital Freight Network
- Lower shipping costs through automation
- Increase efficiency by opening access to freight
- Increase carrier earnings through more efficient routes
- Provide real-time planning capability
More detail on the benefits of a Digital Freight Network can be found here
On 25 July 2017, the company raised $62 million in Series B funding led by Y Combinator's Continuity Fund. Other new investors included Cascade Investment CEO Bill Gates, Mosaic Ventures, former U.S. Senator Bill Bradley, and Barry Diller. This round of funding brought Convoy's total amount raised to $80 million. They joined existing Convoy investors Greylock Partners (the VC fund of LinkedIn co-founder Reid Hoffman), Salesforce.com CEO Marc Benioff, Amazon founder Jeff Bezos via Bezos Expeditions, former Starbucks President Howard Behar, Code.org founders Hadi and Ali Partovi, and the founders & CEOs of eBay, Instagram, KKR, and DropBox, among others.
- In 2017, Convoy was awarded Geek Wire’s Startup of the Year.
- In 2018, Convoy raised $185 million led by CapitalG at a $1 billion valuation.
- In 2019, Convoy raised $400 million led by Generation Investment Management and T. Rowe Price at a $2.75 billion valuation.
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